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Central bank: flexibly adjust CPI or rebound after August

central bank: flexibly adjust CPI or rebound after August

China Construction Machinery Information

Guide: the people's Bank of China released the second quarter monetary policy implementation report on August 2, revealing the next step of macro-control. The central bank said that in the next stage, it will correctly handle the relationship between maintaining steady and rapid economic development, adjusting the economic structure and managing inflation expectations, and put more emphasis on stabilizing growth

the people's Bank of China released the second quarter monetary policy implementation report on August 2, revealing the next step of macro-control

the central bank said that in the next stage, it will correctly handle the relationship between maintaining steady and rapid economic development, adjusting economic structure and managing inflation expectations. "It is more important to stabilize the LED light source and lamps in the rapid development and growth"; We will continue to implement a prudent monetary policy, closely monitor the development and changes in the economic and financial situation at home and abroad, pay attention to the changes in demand, enhance the foresight, pertinence and flexibility of regulation, and make timely and appropriate pre adjustments and fine adjustments

attach importance to the role of the open market

as for monetary policy tools, the central bank proposed that it would comprehensively use a combination of various monetary policy tools to guide the steady and moderate growth of monetary credit and maintain a reasonable scale of social financing

"we will continue to optimize liquidity management, comprehensively consider foreign exchange inflows, changes in market capital demand, short-term special factors, and use a combination of liquidity management tools such as reverse repurchase, positive repurchase, central bank bills, and deposit reserve ratio to flexibly adjust the liquidity of the banking system and guide the smooth operation of market interest rates." The central bank said

according to Caixin's interpretation, the report shows that the central bank's idea for open market operation is to cooperate with the adjustment of deposit reserve policy, further play the role of pre adjustment and fine adjustment of open market operation, reasonably grasp the direction of liquidity adjustment according to the changes of liquidity supply and demand of the banking system at different time points, and scientifically design the term varieties of positive repurchase within 91 days and short-term reverse repurchase within 14 days The operation opportunity and frequency are increasing. It has unique industrial advantages and strong pertinence, flexibility and foresight of liquidity management

the central bank proposed to appropriately adjust relevant parameters according to changes in economic prosperity, the soundness of financial institutions and the implementation of credit policies, so as to guide financial institutions to support the development of the real economy in a more targeted and forward-looking manner

in addition, the central bank reiterated that it would vigorously optimize the allocation of credit resources and increase its support for economic restructuring

"guide financial institutions to consciously maintain interest rate pricing order"

it is worth mentioning that the central bank spent a lot of space on interest rate liberalization and exchange rate liberalization in yesterday's report. The central bank said that it would steadily promote the reform of interest rate marketization and the reform of the RMB exchange rate formation mechanism, improve the allocation efficiency of the financial system and improve the financial regulation mechanism

on April 16 this year, the central bank expanded the RMB volatility, thus deepening the marketization of the exchange rate. At the same time, on June 8 and July 6, the central bank lowered the benchmark deposit and loan interest rates of financial institutions twice, and adjusted the floating range of deposit and loan interest rates of financial institutions. The marketization of interest rates also accelerated sharply

looking forward to the next stage, with regard to the marketization of interest rates, the central bank said that it would improve the central bank's market interest rate regulation level, guide financial institutions to enhance their risk pricing ability, make good use of the floating pricing power of interest rates to make reasonable pricing, strengthen active liability management and cost constraints, scientifically assess interest rate risks, improve the pricing mechanism, consciously maintain the pricing order, and promote the coordinated development of economy and finance

as for the RMB exchange rate, the central bank will directly state that it will continue to improve the central bank's foreign exchange operation mode, otherwise it will be difficult to promote the reduction of intervention frequency and increase flexibility by providing for the aged with housing, so as to make the market supply and demand play a greater role in the formation of exchange rate. We will accelerate the development of the foreign exchange market and promote the innovation of exchange rate risk management tools

the central bank also said that it would promote the listing of RMB against emerging market currencies in the inter-bank foreign exchange market, so as to better serve the development of cross-border trade RMB settlement business. Strengthen effective monitoring of cross-border capital

cpi may pick up after August

as for the price situation, the central bank said in its report that due to the impact of the lower base, the year-on-year increase of consumer price index (CPI) may pick up after August, "at present, the rebound will not be too strong."

the central bank also mentioned that "affected by the trend upward pressure on the prices of labor costs, resource products and some non tradable goods, prices are still sensitive to demand expansion, and the effect of expansionary policies on stimulating growth may decline, but the effect of stimulating inflation is increasing due to poor detection during assembly"

the central bank believes that the year-on-year CPI will be affected by the base factor. The price increase in the first seven months of 2011 will rise rapidly. Affected by this, the year-on-year price index will decline rapidly in the first few months of 2012. However, from the perspective of month on month, the change of CPI in May and June still does not exceed the average level of the same period in history. "It is necessary to make more use of the seasonally adjusted month on month index to more accurately and objectively measure changes in price levels."

the central bank believes that in the first half of 2012, China's economic growth remained within the expected range, and the overall economic operation showed a trend of slowing down and stabilizing. Price increases continued to fall; The employment situation is generally stable

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